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Home My WebLink AboutR-89-0675L 11 101 J-89-742 7/13/89 RESOLUTION NO. A RESOLUTION ALLOCATING AN AMOUNT NOT TO EXCEED $105,000 IN SUPPORT OF THE EAST LITTLE HAVANA COMMUNITY DEVELOPMENT CORPORATION'S PROPOSED TOWNHOUSE PROJECT FOR LOW-INCOME RESIDENTS, LOCATED AT 720 AND 728 SOUTHWEST 2ND STREET AND AT 996 SOUTHWEST 6TH STREET, MIAMI, FLORIDA, SAID FUNDS BEING THEREFOR ALLOCATED FROM THE INTEREST EARNINGS OF THE 1976 HOUSING GENERAL OBLIGATION BONDS. BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: — Section 1. An amount not to exceed $105,000 is hereby allocated in support of the East Little Havana Community Development Corporation's proposed townhouse project for low- income residents, located at 720 and 729 Southwest 2nd Street and at 996 Southwest 6th Street, Miami, Florida, said funds being hereby allocated from the Interest Earnings of the 1976 Housing General Obligation Bonds. Section 2. This Resolution shall become effective immediately upon its adoption pursuant to law. PASSED AND ADOPTED this 13th day of Jul XAVIER ATT MA rY HIRAI CITY CLERK PREPARED AND APPROVED BY: LINDA K. KEARSO11 ASSISTANT CITY ATTORNEY APPROVED AS TO FORM AND CORRECTNESS: CITY A LKK:bss:Mll39 CITY COMMISSION MEETING OF JUL 13 1989 58 CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM TO, Cesar Odio DATE : Mav 24, 1989 FILE City Manager SUBJECT Discussion Item June 22 Commission Agenda FROM: Rosario Kennedy REFERENCES: Little Havana CDC Town House Commissioner Project ENCLOSURES: The East Little Havana Community Development Corporation has = proposed a townhouse project at 720 and 728 SW 2 Street and 996 S.W. 6 Street (information attached) for low-income residents. It is my understanding that the required financing is in place with the exception of $105,000 Swire interest funds which have been held by the city pending approval and that the city's housing department already has approved the project. I request that you take the necessary steps to release the funds - to ELHCDC and place this item with the appropriatre resolutions, etc., on the June 22 City Commission agenda. Thank you. ccs Herb Bailey, Assistant City Manager Carlos Garcia, Director, Finance " T H E E A S T L I T T L E H AV A N A 'TOWNHOUSE PROJECT" 11 UNITS OF LOW INCOME HOUSING March 10, 1989 ELH/CDC is currently developing, in conjunction with the Enterprise Foundation, an 11 unit townhouse project. The project sites are 720 and 728 S.W. 2nd Street and a corner lot at 996 S.W. 6 Street. The ELH/CDC has purchased the 2nd Street property for $87,000.00 for 15,000 sq.ft. which represents a cost of $5.80 per sq.ft. and the 6th Street corner lot is being donated by Dade County. The proposed East Little Havana Townhouse Development will consist of 5 2-bedroom units and 6 3-bedroom units. The total project development cost for the 11 units is approximately $754,228. The Townhouse units will be priced below market rates and thru leveraged financing, we will make all 11 units available to very -low income families earning less than 50% ($15,425) of median income. Unit prices will range from $49,900 on the 2-bedroom to $59,900 on the 3-bedroom units. All closing costs will be paid for in full by the ELHCDC. The proposed unit sizes are 865 sq.ft. for the 2-bedroom, and 1125 sq.ft. for the 3-bedroom. The 2 bedroom units, with monthly payments of $301 including principal, interest, taxes, and insurance are affordable to families earning as little as $13,633 per year, which represents 42% of the median income in Dade County ($32,750) for a family of 5. The following financing has already bPen approved for the project by each of the funding sources. The project development financing: LISC Foundation $19,000 Grant; The Enterprise Foundation $40,000 Loan 6.00%; The Savings & Loan Consortium $285,000 Loan @ 8.54%; Homes for S. Fla. $245,000 Loan 0 12.00%; ELH/CDC Equity $20,228; the State of Florida CBO Program $55,000 Loan C 3.00%; the Metro -Dade County donated land valued at $40,000. The City of Miami $105,000 Swire Interest Funds is pending approval. The funding sources for the permanent financing im are: Homes for South Florida, $264,955 approved in 1st Mortgages; and Dade County Surtax Program, $313,500 approved in 2nd Mortgages. In order to be able to sell the units at the prices stated above, we are subsidizing the total project thru grants/donations in the amount of $164,000. We estimate to commence construction by mid -summer 1989 and completion of this project is expected by December, 1989 and occupancy to take place immediately thereafter. The goal of this development is to provide home -ownership to low and very -low income families and to alleviate the shortage of housing .in the East Little Havana Area. Our RioPlaza project has clearly demonstrated that'ther.e is a market and great demand for low income housing projects in the community. We currently have a list of over 150 families waiting for the opportunity to qualify for the purchase of a townhouse unit. LJ 41 EAST LITTLE HAVANA TOWNHOUSE DEVELOPMENT SUMMARY Townhouses: Total: 11 units of new construction Sites: 9 units on S.Y. tad St, between 7th aad 8th Ave. (purchased by CDC) 2 units on S.Y. 6th St. and 10th Ave. (donated by Dade County) Site: 6 units - 3 bedrooms - Total site of unit 1125 sq.ft. 5 units - Z bedrooms - Total site of unit 865 sq.ft. Acquisition: Construction Financing ft M t Commitment Rate — Metro -Dade County (donated land) 40,000 Secured 0% (Pre -Construction Phase Available Financing( 1174,228 LISC - Pre -development grant 19,000 Secured 02 ELK -CDC Equity 20,228 Secured 0% State of Fla. CB0 55,000 Secured 3% Enterprise Foundation 40,000 Secured 6x 1500,000 State of Fla. COO Loan Program (55,000) Secured 3% (Repayment of site loans( Savings L Loao Consortium 285,000 Secured 8,54% Homes for South Florida 245,000 Secured 11.501 City of Niami/ _ Swire interest Fund 105JOID _ Tending 0% Total Project Financing 1754,228 7 54.228 Permanent Financing: Ist mortgage - Homes for South via. 30 yrs. fix rate 264,955 Secured 11.5X 2nd mortgage - Dade County Surtax 313,500 Secured 3.0% 3% - 30 yrs. fix rate Dade County Surtax Dovnpayaeat (buyers) 5% 30,445 601 g,900 Secured Z bedroom 1 59,900 fcr 3 bedroom 2 bedroom 1 2,995 for 3 bedroom (Buyer pays no closing cost) (11,000 will reserve unit, downpayment layaway plan) Total monthly payment for 2 bedroom ; 325.00 Total monthly payment for 3 bedroom ; 395.00 (This includes 1st mortgage, 2nd mortgage, tales, insurance, maintenance fee► bonthly payments are based on current interest rates. Affordability Anallsis: 80% of median is lov income For a 2 bedroom unit (a family of 4): Minimum salary to qualify ; 13,633 as a % median Dade County income 44.21 For a 3 bedroom unit (a family of 4) tlinimum salary to qualify ; 16,721 as a % median Dade County income $4.2% Construction: Construction start projected for the Summer of 1989. Construction completed projected for December of 1989. Current Waiting List for 11 units: 165 families e 0 BERRY D. GEREAUX Director December 13, 1988 �f crf Miaxni oWAR H. C010 f y City maositt as c,.. .� Co i:oa%�f Ms. Edith M. Fuentes, Director City of Miami Building 6 Zoning Department 275 Northwest 2nd Streak Miami, Florida 33120 Dear Edith: The City of Miami Housing Conservation and Development Agency has conducted a preliminary review of the proposed eleven (11) unit townhome project currently being proposed in the East Little Havana area by the East Little Havana Development Corporation. Through this letter, the City's Housing Conservation and Development Agency would like to express its support of the proposed townhome development. This innovative development concept complements the City's overall housing improvement strategies for the area; in addition to providing affordable homeownership opportunities to low and moderate income families in the East Little Havana area. nce ly, j r . J rry G re Wx D' recto cc: .1rsff li.sphurn, Ana istant Dir«totric Zot1 l nq llo-*i r+l 11(ilb�(:�Q��ERvtilit�� k%01)1%L1OP%11%r %CotSCY•OupuntPlaiiCen+er loin Kof.+np Ri+11 441 %hir + H11101 tt1 It 1u+t+ c?n: 1+u 9"67 t _ c 11 METROPOLITAN DADE COUNTY, FLORIDA METRO-DADE MAR 2 9 1989 Mr. Manny Rivero East Little Havana CDC 1699 Coral Way, Suite 510 Miami, Florida 33145 Dear Mr. Rivero: OFFICE OF THE COUNTY MANAGER COMMUNITY AND ECONOMIC DEVELOPMENT 140 WEST FLAGLER STREET SUITE 1000 MIAMI, FLORIDA 33130 (305) 375.25S3 I would like to express Metropolitan Dade County's support for East Little Havana Community Development Corporation's (ELHCDC) Townhouse development. The Townhouse development is an integral part of the County's and City of Miami's coordinated effort to revitalize the East Little Havana community. Dade County has contributed land for the development as well as $340,000 in permanent financing. We find the project to be compatible with the goals, objec- tives and policies of Dade County's strategy for providing affordable housing as a part'of the Comprehensive Master Plan for Dade County, Florida and not to be in conflict with any other known plans. We fully support this project and have determined it to be consistent with the approved Metro -Dade Housing Assistance Plan (see attached summary). Dade County fully supports ELHCDC's efforts to obtain the remaining financing for the Townhouse development. We hope that you are successful in obtaining the remaining funding for this project. If I can be of any further assistance, please feel free to call.